IRA contribution for 2017 deadline

Skifreak713 · ‎June 3, 2019

Turbo tax indicates I don't qualify. Need clarification. I want to open and IRA before the deadline and use that contruibiton as a tax decuction.

ChrisJ · ‎June 3, 2019

Limitations of the IRA contribution (the amount you put in the account)

Your earned income is equal to or greater than the amount of your contribution.
You can contribute a maximum contribution of $5,500 ($6,500 if you're age 50 or older). If you're married filing jointly, you can each contribute the maximum (even if only one of you works), as long as your combined income is at least $11,000 ($12,000 if only one of you is age 50 or older, $13,000 if both of you are).

Limitations of the IRA deduction

You can deduct all of your contribution if you (and your spouse, if filing a joint return) are not covered by a retirement plan at work.
If you (or your spouse, if filing a joint return) are covered by a retirement plan at work, you might be able to deduct all of your contribution, only part of it, or none of it, depending on your modified adjusted gross income (MAGI) and your filing status.
Your MAGI is your adjusted gross income minus various deductions.